Recycled Metals: Current Landscape, Drivers & Future Prospects
The global recycled metal market size is anticipated to reach USD 1.66 billion by 2030, accelerating at a CAGR of 5.6% over the forecast period, according to a new report by Grand View Research, Inc. The market for recycled product is majorly driven by growing concerns regarding environment and high energy consumption in primary metal production. Scrap metal is the key raw material used in the secondary metal production. The challenges associated with primary production are anticipated to compel manufacturers to adopt secondary production. The challenges include high energy consumption, fluctuating raw material prices, concerns over depleting non-renewable resources, and high manufacturing costs. Government initiatives concerning the use of recycled materials and proper waste disposal are further anticipated to boost the consumption of recycled metals. For instance, the medals at the 2020 Olympics will be made from e-waste. As per the organizing committee, the authori...